The Sun. — London, England, 1826-02-03 00:00:00

flood. le therefore earnestly ehtreated the House to keep capital within the country—that was at once within their Power, anti it certain remedy for the evils -under-whichnur pos pulation now laboured. The CHANCELLOR of the EXCHEQUER was at a loss how to reply to thearguments of his . Hon. Friend, the Member for Grampound. Some of his propositions were startling. Theywent to an extinction of all our • foreign' commerce, and consequentlY of home industry, which naturally followed. At one time the lion. Gentleman attributed the calamities of the country to excessive exportation ; .at„another, he said that .our misfortunes arose from an excess of itnports. - Thii was strange contradiction indeed. As to the fatal error, which he charged on Government, he could at first scarcely conjecture what act or Government he alluded to. But the whole matter turned out to be simply this, that some Members of Government and others did not refuse their names as patrons of what they conceived to be an innocent apeculation. For his part, he was neither a Patron nor -Director of the new Company, but he Thought, that if by the expenditure of capital silk could be made to grow in this country, it would be a very desirable object. When the lion. Gentleman reflected on Mr. Huskisson's con sistency, he should have recollected that Mr. Huskisson derived no profit whatsoever from his connection with the new Company anti that the language of his pamphlet fourteen years ago, on the Bullion Question, reprobated the acts of the French Go vernment for resorting to compulsory measures in order to force the cultivation of coffee—of beet root for the purpose of sugar— and of cotton, as unsuited to such a purpose. - But with us, no Than was compelled to cultivate silk, or plant the mulberry tree. Buonnparte indeed was absurd enough to force his sub jects to expend money for the purposes before described, and surely no just comparison could be instituted between our spe culation and a miserable, a futile attempt to force, by coercive Means ! the produce of articles in a soil, to which they did not property. belong, Ile did not feel himself called u p on to sa y more in reference to the matter contained in the lion. Gentle man's speech. But he would take this opportunity to explain, generally, the views of his Majesty's Government upon that most important part of the speech with which it commenced. What had fallen from the Honourable and Learned Gentleman oPposite compelled him to say—although much of the forbear which marked his comments upon his Majesty's Speech, was probably ascribable to his not being previously acquainted with its contents—yet he must tin him the justice to admit, that such had been the character of .his observations. He was de sirous to admit this, because the subjects upon which he.had spoken were so calculated to excite unpleasant feelings in the country in consequence of the distress which unfortunately per vaded it,that lie felt the House did owe something to the lion. and Learned Gentleman for the prudence, moderation, and can dour with which he bad expressed his sentiments. Hut, at the alone time, he did not think the lion. and Learned Gentleman justified in that one observation which imputed to his 'Majesty's Ministers, the Is ving treated the present difficulties of the coon. try in too light and cursory a manner. Nothing could be fur ther from their intention than to treat those distresses which the country had been afflicted, was still afflicted, and might con-, tinue to be so for a yet longer period—it was impossible that such a subject could be treated with any thing bordering upon levity or indifference. Ile knew not what materials they must be made of, if they could look indifferently upim the losses and sufferings to which large classes of the people were exposed. But their having done so was denied by the fact of his Majesty's Ministers having placed this subject first and foremost in the Speech from the Throne, desirous of proving thereby that they were ready and anxious to give it the earliest attention, and to devise such measures, at least, as should prevent the recurrence of the evils at any future time. It was impossible for any one to examine and trace the causes which ultimately led to the bursting of the bubble, and the consequent ruin which it spread around, and nut see how the evil had arisen, or that it wholly depended upon eireumitances. over which the Government had trot, and never could have controuL In a great commercial country like this, abounding with skill and enterprise, and of. feting every encouragement to exertion, there was necessarily a disposition to iipeelthltB upon any means which seemed to pro mise the bettering, of men's fortunes. Under such circum stances, what law could controul that tendency which so inti mately belonged to all human constitutions. But evils so created would naturally supply their remedy in the very causes which created them. The House would well remember, after that period of extreme depression which occurred in 18W, how rapid was the reviverwhich ensued, and which he conceiv ed was therrbrought. about by the very nature of things, because persons after having been compelled to abstain from accus tomed enjoyments, returned to them the first moment at which they fou n d t h em selves able to do so. He was of opinion, there fore, that the causes of such evils were entirely out of human controul. And he was sure that any person attempting to le- , gislate for a people employed in active pursuits of agriculture, commerce, or trade, upon the supposition t hat all would act with prudence, would find themselves grievously disappointed In the end. But there were, un doubtedly, speculations of nature against which legisl t ative interfaence might be called for, and it was imperative upon them to give every possible at tendon to th e subject of the circulation, by which aU the vari ous transactions of every interest must be affected.' In a country like this, in whose currency the amount of paper greatly ex eeeded the amount of coin, there would be a natural tendency in that amount of paper to Increase: He would not trouble the House with any minute details now, but he was convinced of being able to, sotisfy them that such was precisely what had recently happened. The ote_un try. banks, for the last three or four years, %ad been increasing their issues in an extraordinary degree.— It was difficult to ascertain the exact amount of what the country circulation was, and this he thought a very great evil. This it was which drove the Government and the Bank of England to other, and less certain criteria for estimating the excess or deficiency of circulating medium in times of pressure or emergency. They had, however, without being able to arrive at a precise estimate—the means of gaining some ap . proximation to the truth by referring to the number of stamps used for the notes. It was usually estimated that country bank Paper circulated about three years. It might be sometimes more or less but that was gene ra lly considered as the nearest average period of circulation. Therefore ' if they multiplied the number of notes stamped each year by three, the product w ould give them the amount generally circulated within that year. According to this calculation, in the year 1820 the amount was 3,4034011. In the year 1821 there were causes in pperation which prevented any great increase, and the amount was • 4,438,0001. But in 1825, when the operation of those causes had ceased, the amount got up to 8,751,0001. It was impossible to look at this fact without seeing the share it must have had in contributing to produce that rise in prices which created a general spirit of speculation that led persons to seek every extravagant means of making . ;Pea money more productive. And of what was that circula tion composed ? Why, he thought that a very great part of the evil arose from the nature of that circulation, and particularly t , ! Its leigest.portion, consisting of one-pound notes. Th is had been alluded to by both his Hon. Friends, in a manner which provitt that they knew well in what degree the poor suffered byt when the Banks which supplied . the circulation of a popu lous district happened to break. Now he would say that what- . ,ever advantages the transeetions of commerce might derive from this system, whetever advantages it might aflbrd to agri culture,. or whatever advantages might be derived from it by the country at large, he would say that its consequences, in con- Signing; . to misery the poor of a whole country who possessed -: these pieces of 'paper, out weighed beyond . celculation all such adventages or any others that could be urged in its favour.— itiear, beer !t—lie therefore felt it to be imperative upon Par ',l4lo ent to. adopt some measure for removing so grievous and dis tretsing an evil. H eshould not now go into any particulars of' what tt anima to him that measure should be. It ought to be gm twat fn it', operation, and duly regardful of all interests con cerned. In this, as In all other necessary cluinges, deliberation and prudence must b e consu l te d ; f or they' could not run head lung out of this evil without creating others which with time might be avoided. Yet this must be done ; and when in the t:e,..s ow) 0 ...c..awi.a79ii propoica o mco..susc, by which the circulation of one pound notes must hare ceased by law in 1825, lie greatly regretted that circumstances prevented the House from adopting it. Now, however, th a t co u r s e must be resorted to.—(llear adopting this could not be effected without another consideration to which the Hon. and L e arned Gentle man opposite had alluded. He meant the Charter of the Bank v 1 England, which vested certain exclusive privileges in that company. It was impossible for any man to look at the circula tion necessary for carrying on the exchanges in this country, arid not see howutterly inadequate any one single chartered Company must be to take the charge of the circulation of the whole State. it might originally have been sufficient for the purposes of the country, but the enormous extension of its money transactions which had since taken place, could not at that time have been contemplated. it might do well for the spot on which it was situated, but'its influence could not extend to those distant places where the Muntry Banks had sprung up in consequence of that very want. These,Bankseould not, then, be conducted upon the same principles, and the effect of the exclusive charic ter of the charter was, to prevent the best system of banking • froml eing adopted in the country. A few years ago the Government thought fit to apply' to the Bank to ascertain how much of theia exclusive privileges they could be prevail ed on to forego. The result of the negociation was, that th e bank —whose Charter expires in the year 1833—consented to Iveive their exclusive privilege to within a certain distance of' London, - upon condition that the Charter, in respect to orprinted distance, should be extended to the year 1843felt' .bywasnever carried into a law, because At was Parliament to be very impolitic—notwithstand ing the advantages offered—to extend the period of the re m inning exclusive privilege. The Government however, had again' felt it their duty to submit to the consideration of the Bank 'Directors the benefits to be conferred upon ,the country, and the increased security which must arise to them selves by the present adoption of the same principle which was then adopted on their part. But the Government distinctly stated that they would not acquiesce in any extension of the period at which the privileges of the Bank expire. And he was bound to state for the credit of the Bank—and here let him observe, that in canvassing the acts of that body, it was for gotten that they had many interests to guard, and difficulties to contend with, of which' they (the Rouse). had no: concep tion; he was therefore glad to do them an act of justice in stating that they did readily acquiesce in the proposition of the Govern. ment, and had the -intention of submitting it to a Court of Proprietors. It would then be proposed to tho House to establish the same system , of banking ae that now existing in Ireland, in all those parts of the country not situated within sixty-five miles of - London.: In. such places, it would be competent for any company of partners, ex ceeding six in number, to establish a bank. And although the , Bunk did not abandon all its exclusive privileges, the House ought not to complain. 'They had- the interests of the proprietors to consider, - and although he confidently believ ed that it would be for their good to surrender all their exclusive privileges, yet they had the right in their hands, and deserved credit for haying relinquished for , the public good, what they considered to be a private, advantage t and he must do the Bank the justice to say that their dealings with the country in all questions of great - public importance were charac terised by the same _liberal spirit. Gentlemen might differ from them as to the manner in which they transacted busi ness, or the principles upon which they conducted their- af fairs, but in justice he- would say that they had always been ready to meet the wants or difficulties of the country when under the pressure of accidental or temporaay evils, and never more so than recently.—(Hear, hear 1)—In the ge neral consternation which was almost without limit, the Bank did come forward and gallantly threw themselves into the breach, and saved the country from, perhaps; worse evils than those she had endured.—(Hear, hear I)—He thought it right to say this, because however the House might sometimes differ from the Bank as to their conduct in particular acts, yet upon great public emergencies they had not been found wanting in public spirit, and had rendered very important services to the country. They had now come forward in the same spirit, and this concession had been made 'without that extension! of the period of their Charter which was before granted to them. lie should not now enter into any further details of the measure intended to be proposed to the House, because the tints would come when it would be his duty to explain it more fully. And he should take the earliest opportunity of stating the views entertained by his Majesty's Government upon this most important topic. They meant this measure as a protection against a recurrence of the evils which he hoped were now passing away, and which left them at least one good the experience by which they were to be guided for the future. The Government meant the measure they should have to propose, not as a nostrum by which all distre's was to be at once remov ed—not as a specific for the disease, but as a protection for the future, so that they might not continue to run on in the dark until they again found themselves plunged Into the same evils. There were two other topics which were In some degree con nected with his department, to which he would briefly call the attention of the House. His Majesty's Speech, then under the consideration of the House, said that the pro duce of the re venue for the year, had equalled the anticipations entertained by the Government. Now, notwithstanding the temporary injury which the revenue, in common with almost every other source of income hart sustained, these anticipations had not only been realized, but the statement should have been that the pro duce. of the revenue had, exceeded their most sanguine ex pectations. In the statement which he had the honour to make to the House last year, he assumed that the produce of the revenue for the year 11125, would be less than for the year 1824, by five or six thousand pounds. He further assumed that by the repeal of taxes the revenue would lose 850,000/. more, So-. that his calculations would have been realized if the revenue of 11125, compared to that of the year ending in 1824, had exhi bited a diminution of about 1,200 0001. In addition to that loss of revenue, resulting from the reduction of taxation, there tie-, curred another large tiefalcatiou in consequence of the alteration of the duty on wine. In order to lender the reduction of that -duty early available, and to prevent 'inconvenience to the trade, they were compelled to undertake a return of the duty paid upon all stock in hand. Ile stated to the House at the time that it would be impossible for him to calculate the amount re quired for this purpose, and it proved to he no less a sum than 1,050,000/. It was therefore clear that if this cause had not ex isted, the Revenue for the year 1825 would have exceeded that of 11124 by more than a million. Yet, notwithstanding all these draw backs—notwithstanding that he assumed there would be a comparative deficiency of 600,0001.—nothwithstanding there had been a loss of 850,0001. in the reduction of- taxes—and not withstanding this large sum had been required, upon the extent of which he did not calculate—still the net produce of the Re venue for the year 1825,. exceeded that for the year 1824, by the sum of 250,0001. He. thought, before, that the speech did not over-rate the facts, when it stated that the produce of the reve nue for the last year had been fully equal to the expectations-of the Government. There was one other, topic, upon which, al. though perhaps it more properly bilenged to his Right Hon. Friend, his own feelings were so wrath that he could- not refrain from adverting to it. He offered his cordial thanks to the Honourable and Learned Gentleman opposite fOr the manly and decided tone, in which he' bad expressed his hope that Government Would not suffer itself to be di. 'fated from those great principles of commercial law which .he was convinced would prove the blessing of' the country.— He would not be diverted front them, --( Loud sheers,) for feeling as he did, lie never could abandon them without this. grace—(Cheeriog),— nor could the House do so, without abandoning the - best interests and strength of the country.— The Hon. Member for Grampound had stated that the (ilo-; verninent had been supported in their measures with coldness by their own side of the House, and taunted them with' re. lying upon the support of Gentlemen Apposite. He denied that there had been coldness on their aide. They had been sup ported, honestly and steadily.supported, by their friends. But he would not reject—why should he reject ?—the support of Bier who could have no possible interest in supporting. him but their belief in the soundness of those principles, anti 'of their being conducive to the public welfare and prosperity..-(Loud cheers.)—They were not the principles of any political party, or of any tect.--:but of all the most reasoning, of all the best informed; anti, it' he were not himself one of them he would say; of all the wisest teen that ever considered the subject.-, (Cheers.) Mr.'EhLICE anticipated no other consequence from the 'projected measures than unlimited issues of paper to be followed by renewed scenes of devastation anti ruin. Even those parts' of the country which bad tittle tar camped the . evil. of a paper currency would in consequence of tliose measures: become in- - volved in the sense ruinous system: The Ilon. , Gentleman urge d . e s considerable length the mischiefs which. were in his view inseparable from a paper currency, and adverted to the opinions he had formerly expressed, of the insufficiency of the market price of gold, compared with the real priceos a criterion of the actual depreciation of a paper currency. These opi nions, he contended, had received a remarkable confirmation front the circumstances which had recently taken place.— The Honourable Gentleman commented upon the -omis sion in the King's Speech of any mention of the Corn Laws. How was he asked, to explain to his con stituents •at Coventry the policy now recommended to Parliament, or how justify , to them the inconsistency. of throw ing open to foreign competition that branch of manufacture in which they were particularly interested, whilst a system was maintained, which necessarily enhanced the price of food to the English workman, and thus directly tended to disqualify our manufaCturers for competition with those of other countries.— lie had-frequently conferred with the Board of Trade, on the important subjects of the Silk Manufactures and the Corn Laws and he liad certainly understoed from the Right lion. President of that Board, that a revision of the Corn Laws should precede the exposure of our Silk Manufactures to the danger of com petition with that of France. Mr. HUME considered that the Speech waiver)* little satis factory: Redid not think that the Right Hon. Gentleman bed been successful in carrying the consideration of the House back' to-former periods. Without meaning to . approve or condemn the plan which was in contemplation, he thought thathis Mee jetty's hlinisters acted the part of incendiaries who first set lire to a house, and afterwards assist to extinguish the flames. He wished it were possible to trace the proceedings of -the B an k of . England to the year 1793, for expeuencemonld then . prove the 'truth of the_ similitude. lie did not approve of the condition . which shut out from the operation Orem proposed measure ithe circumference - of 65 miles round the metropolis, in which dls-, trict the necessity existed as much nein those places as beyond that distance. It does not require any great prescience to tell that the present expedient would not answer the purpose. lie had formerly proposed that there should be a .regular riddarice of all the evils'ineidental to this subject t 4ut did his. Majeety's Speech hold out any hopes of such a nature ? Let the Howie look to the expenditure of the year .1793, and though the wen. try has been at peace tbr . the last ten years, yet alie:incurn brances are greater than at that period. Instead, of paying tour millions and a half, as at that, time, the country was now incurnbenal with a sum of from nine to ten millions, with every prospect of increase, arising from the national debt. The whole evil was to he traced to the extravapnce with which the public money : was dissipated. come, easy go." It was incredible how readily the nation is gulled by every statement that is submitted to it. Of that description was the Report of the Co mm itt ee o f Finance in 1817. This coup. try should not enter into competition . with the despots of the Continent in the keeping-up of-such large establishments. This was a great cause of the distress which had been experiencedin England- In the year 1817, the taxes were 52, 500 , 0001 . ; 1818, 53,200,00/., and so on progressively to the last year; atter ten years ot petite. The eolllltry should look to the example' of economy lately given by one of the Germanic States other the nation would be lost by expending so many millions hi imi tating the frippery of Louis X V. While the people are starv ing his Majesty's guards are adorned with gold lace; hut the Right lion. Gentleman has numbers to back him in his pro ceedings, and he will not. therefore, be deterred from proceed= ing, by the distress which the,result. What reason then is there to eipect amendment ? Scarcely one subject in the Speech from the throne ough tto be there. Cvcry pretence has been made use of to increase taxation, until it has at last arrived at its`pre-; sent dreadful state. in-tend of keeping up a large military espt-• blislimeny to hold the people in awe, thi; Governnient should apply itself to make them happy. and shOUld redutte the ,ex penditure tu.the rate of UK at Air. Pitt's time. If proper . • . . steps were taken this could be effected, and yet the people , were overloaded wish taxes, Does Government have to keep the Colonies ? Look to lrelind, if that country can be called a colony. There 'Jt\ooo troops are wanted to keep the people in coercion, and fur the necessity of this f. re 31inisten must blame themselves.—(Hear !)..-Irelanti is like a camp, from the name rous divisions of troops scattered on her surtace. yet it would not be difficult to make that nation happy. The Colonies in the West Indies, frotu the mismanagement attending them, areworse than Useless, for they cost more money than the starving people of England are able to afford. But they are thus allowed to draw the resources of this country, in order to provide situations for the minions belonging to some power ful families. If they looked to the East, the prospect was not imProved. In his Majesty's speech of last year, it was stated that the Burmese war was requisite, and that there was every probability of a'suecessful issue. • But that • was not the fact.. If the country would allow. the four or five millions of debt to go on annually, as had been done for the last years, it would ultimately Lind itself liable for the payment. His Ala jesty7s, Speech states that continued success attended the British arms there; but without meaning to disparage the army, for whose bravery no person felt a higher opinion than himself, he could not perceive that this was the case. Interever the British troops have had an opportunity, they always proved their valour; At present, however, the praise is 'negative, for they are left to perish in an unwholesome country, which the natives have laid waste. They cannot fight against enemies who are not to be seen. But the Ministers are to be blamed who sent out an incompetent person to eside, against the wish of every man of sense. The Court of Directors have no confi dence in Lord Amherst. What excuse, then, have his Majesty's Ministers for keeping him in India? Those who support LOrd Amherst in the business are highly respon sible. Between the Board of Directors and the Board of Con- trot the matter was likely to produce most injurious effects. The Honourable Gentleman, in conclusion, called upon his Ma jesty's Ministers to reduce the public establisinnents—to reduce taxation—ts rednetion of ten millions of taxes might easily be made, and he was sure that, were it made, the Government would be carried on better, and with more advantage to' the public than now was the chat. Thi sinking fund also should, be abolished—it Was it mere' blind—it had been formed for the Purpose of, redeeming taxation, but, in point of .fact, had had quite the coviary effect, Mr. T. WILSON contended that the silk tratiti was differ cot from all others, both' in the length of time atecesary to create it, and in the greater facility of smuggling the material. -He would not then enter into an argument upon the subject, but gave notice - of his intention to bring it under the consider ation of th'e House, - unless some alteration were made in the Corn laws. When un alteration was Wog made relatively to the duties on imported silk, an alteration in the Corn Laws was promised—tloit promise ought not to be forgotten. Mr. J. SMITH was of opinion that the imperfect statement of the Chancellor of the Exchequer, if not more fully ex plained, would increase the alarm among the commercial classes. lie differed front many' of the Right- Flom Gent.'s opinions. 11e was convinced that the country banks had pro duced much misery to the poor. He had in the course of his profession seen irresistible proofs of it. The plan of Joint Stock 114nking Companiei would have the effect ofcreating confidence in them, and of diminiihin& the credit of the old establish ments. Ile regretted that the Right lion. Gentleman did not State the time of the commencement of his plan, 'whether in a week, a month s or two months. This uncertainty would tend to bring hack the late panic. Oa the syStem .of esta blishing Joint Stock Banking: Companies, he should give his Cordial stipPort to the'Right Honourable Gentleman, pro. videi! he gave no privileges to, particular persons. Though he was a partner in an old established bank, and was aware that the intended plan would alket existing banks, still he should give it his support. He hoped the Chancellor would . declare the time which he intended tO give to the old establish ments to prepare them for corripetitiOn with the new Banking Companies. As to Ireland, that part of the Speech which re commended the House 'to act on the Report of lust year's Com mittee, obtained his wannest mrpmbation. That. was an excel lent Committee. It Instituted very diligent inquiries—it laid bare the nakedness of"the land; but it had not searched to the bottom. Much remained to be done yet. lie was sorry that the Committee was not to sit moan. As to the lteport of the Commission on Education, he Wished to know what was to be done with it ? The Irish Goitrivrient itself was not able to obtain all the necessary infotnratituf on it; nothing but a Com mittee of that House could Act it. That Codunittee ought to sit again—the inquiry was not terminated. lie trusted the itight Hon. Gentleman would Hiveitoma clearer explanation of.i his intentions. _ -- Ai. CHIN'S assured the House that, in regard to country . Lanka, there had been, to his knowledge, great mismanage.' menit ifihey hod been conducted with only common prudence they would not have had the . present dif fi culty to deal with. He did tint believe that the issuing of one.pound notes had the disasterotts effect deseribed. As to the country banks, he was satisfied that they hail added mien to the prosperity of the country by the assistance they had effOrtital, and WAS certain that if any alteration took place, without sufficient time being allowed, great danger' was apprehended. • Ile had thought it necessary to say, thus much, because no one had said a word in favour of a hotly 'Of persons who had given great relief in times of partial distress, and had added much to the prosperity of the country. Mr. MABERIN was willing to give the Bank of England credit for the energy and resolution it ha:timely shewn, but 'they had erred In lending their 'Money no mortgage. The re cent distress had not been occasioned by Circumstances occur ring in the commercial world alone, but from the 'conduct of Ina .Mejesty's Government in issuing:certain promissory notes, in the abape of Exchequer Bills, noless a stein than 30.000,0001. of Exchequer Bills being in the market, and If the Bank had not gone into the Exchequer Bill tnarket, the distress would have been ten times more than it had been: The dividends, bud for tint ineasure on the part of the Bank, due in Oct. and Jan., could not have been paid, and he challenged the Right lloa. Gent. to say, but that the recovery of credit was . due to the Bank of England. Indeed, it was impossible to speak too highly of them, they had averted the evil brought upon the country by his Majesty's Ministers, wi) having brought the course of ex change against England, the Bank aline in and accommodated them by taking F.7;chequto Bills. Had they not done yo, the dividends could not have been paid--:the Government would have been in the situation of the country banks, and a natiotsal bankruptcy would have been the consequence. lie (Mr. Mo berly) had no right to call on the Honourable Gentleman oppo site, as a Bank. Director ; hot he trusted that if he did speak on this subject he would speak out plainly, and fearlessly, and hOped he would say something as to the c ircumstance of put. ting the country hanks out of the market. Mr. PI L'a RUE next addressed the House, but in , so low a tone as scarcely to be audible in the gallery. He was under stood-to say, that the late difficulties arose from the conduct of the country banks. .That the money lent on mortgage bylthe Bank of England took place nt a time of great agriculturAl distress ; only 1,200,0001. hod been advanced at the period in question. No further advance had taken place, nor was it in tended such should he the ease, and four per cent. only:was charged on those transaction*. He (Mr. Pierce) had been '4O years a Director of the Bank, and never during that period' had known them actuated.bY improper motives, always conceiving that their own interests would be beet served by supporting the general welfare of the country.—Oscar !) Mr. Seeretary.cANSlNO rose.---110 did not certainly ex. Right Ilan. Friend could have pact that the statement of list been liable to any,raisconstructirm. '.l he of Gentlenten were unfounded, if they thought that tbe'establish , the country ; or if they i mag ined dust this evil, if it were such, ment of Joint titock Bunks was l ikel y to pr ov e prej udicial to was one which could be for ever prevented. It would, in a very f ew y„ rss b e competent for individuale, without the interven tion of-Parliament, u) create such establishments throughout the country. The object was by An abridgement of the mono. poly of the Bank to remove the necessary and inherent weak. mess which now. attached to country banks. T.wo objects were in t h e view o ra ommnen t..-Ftrat, to remove the inherent weak ness' of country banks; and, secondly , tti restrain the issue of one and two-pound notes. It was i mpossible to praise. W which O highly the liberal feeling which actuated the con duct of the Bank in relinquisttiol; an exclusive.privilege, of which they had full legal poosession. hat estabitsliment had evinced that honourable and anxious regard f or t h e g e n er a welfare which had constantly characterized its contlact. Some feelin gs of regret had been inanifestea on account of the de. struction which the proposed .ineastire was gun:km.4 likely to occasion to the old and established banking concertutof the country, as if it was a necessary consequenee that the Jeiot „Stock k ompanies to be famed must he composed of entirely new elem ents . Fo r himself, lie amid AM but think ita more ..naturalainticitration that the most respectable and solid o f the cuntolidatiOn of intersest, would q uickl y tranafoim theniselves existing esta bli s h me nts, .by the :secession of strength and the into precisely such institutions as were contemplated : by (10. ich his Right Hon. rriend had vernment, in the measure suggested. The tank of tngland, It must be remembered, had the power any day of the week of overspreading the country with its branches. The alternatives which presented themselves were, Ist, the establishment of branches of the Bank of England in different parts of the conulry, Which, under the existing char ter, was a measure fully witinn the competency of that body ; 2dly, the permission to be di:wiled by the partial surreoder of that charter to the establishment by private individuals of banks upon si broader and more extended basis than is now possible ; and the oily remaining alternative .swas to leave every thing tlponits present footing. For the last of these alternatives the Right Honourable Secretary supposed tin person would be found to contend ; and of the two former he would ask which was the least fatal to the 'interests actually 'embarked in the banking business ! :The branches of Bank of England would be rivals too powerful to leaVe,any hope for successful competition from private establishments upon their present narrow, restricted, and insecure basis ; neither would it be possible for them to blend With the latter, whilst the adoption of the second alter native would. lead to the creation of rivals indeed, but of rivals . neither so formidable nor posses Sing the same faculty of repul sion: Of all the means which could be imagined for the ame lioration of our system of banking cerrenev, this certainly ap peared to him the least likely to give a violelit shock to the ex isting and established interests. It was impossible for the Right Honourable Secretary to take leave of this subject with. out ; reiterating his warm concurrence in the praises which had been bestowed, and bestowed certainly in no nig gard measure on . the condUct of the' Bank of England.— It might perhaps be considered by some, that the Directors of the Bank hod only manifested on this occasion a regard to the public welfare and safety which was imposed upon them as an imperious duty, as the depositaries of a great public trust. This would, however, in the estitnation of the Right lion. Secretary, be a view of the subject at once invi dious and unjust. They might undoubtedly have attempted to impose one rare and embarrassing condition upon Govern. went.; .they were possesaed of a power which even the umni potenee.of .Parliament could not wrest from their hands ; and it could not be disputed for a moment that they had yielded -with infinite grace and propriety to the paramount considera. Lion of the general welfare. .They might have entrenched themselves behind the undoubted power of the law, and the admitted principle of possession. They were called upon to surrender no qualified power, and" they might have urged the ,duty of protecting the separate interests of the great Corpora. Lion of which they are at the head, as an apology for their de „termination to retain it; they might. have atlected to entertain Iliottlsts as -to the general policy of the measure to flow front' their surrender of it t they might. in short have kept it with. out assigning any reason. If they relinquished this valuable privilege unwillingly, so much the greater credit is due .to them for conquering that unwillingness, in order to further the intentions of Government; it willingly, it chews more clearly that they were actuated by no narrow or selfish views of temporary policy, but could view the great corporate interers committed to their care in their permanent and inseparable con. nexion with the general welfare. But they have relinquished it, and having done so, they have acquired an undoubted claim to the thanks and gratitude of Parliament and of the country.— An lion. Member who spoke eurlyin • the debate, anticipated the ruin of the country from the great excess of its exports, but sonic consolation might be derived from the altered prodtictlon of his gloomy forebodings ' when in a subsequent part of his speech the great cause of his apprehensio)nsfri fullyo t o to under stand the magnitude of our exports. lie could not iio the reasonings of the, lion. Gentleman, and was not un willing to comfort himself with the Inobability that where there was so much apparent inconsistency there might be somereal ads take. The same lion. Gent. deems the conduct of Adtninistra. don highly culpable, because it did not contend more earnestly against the spirit of speculation which prevailed in such mis. chievous activity and strength during the list year. The Right lion. Secretary did not however consider Ministers to have failed in their duty, because they did not attend in their places in Parliament to give direct and detailed opposition to the vari- - ous schemes by which Parliament in .the early part of last Ses sion was so closely beset. lie had always considered it the safer rule for Ministers to give their undivided attention to"pub lie , questions, and to abstain from.. inter tering with applica tions of a merely private nature. For himself, he had always strictly adhered to this rule ; and he should dread any Instance of departure front it, on account of the obvious inconveniences and danger which must arise if such deviations should grow into' ,a pnictice. If no direct opposition had been made by Ministers to any individual project, it could 'not, hoWevr4 be said that thew had been any.want of warning in the language, of Mini. lora ; whatever they could do shurt of direct interfetence had been done to abate the fever of speculation which lied seized the public mind. A Noble Friend of his in the other 'louse of Parliament if lie might be permitted , to allude to what passed• there) had. taken an early opportunity, in the last Session of Parliament, to give an *Monition to caution. In the month of March of lait year, not five.weeks after the meeting of Par 'lament, and long before any single Isillhad passed in tavotir of any of the new. projects, Ina Noble Friend,, who was at the head of the Treasury, and who on that occasion represented not only that important department, but the generalgovernf tr.mc of, the country, took the opportunity Of pointing out the dangers Into which individuals appeared so eager to rush, and of declaring that it was the determination of ()averment not in any circumstances to interfere for tilt purpose of relieving ' them fiptri,the natural consequences of their imprudence. This announcement was made, not upon the ikasion or arty'particu- - lar project then , in progress through theJlouse,---but to give it,. if poasible, the greater effect, on an occasion when it could not seem to he immediately culled for, and when it might, there.' fore,. inure probably be considered as flowing front the ticlibe. rate conviction of Ministers that there svas danger, and that no time ought ty be lost, but that an opportunity, ,should in fact be Made, If it did not 'otter, fbr raising a warning voice to put the country ,on Its guard. It had been said that the subject of the commercial embarrassments hail been treated in his Majesty's speech with less seriousness. than it demanded. The Right lion. Secretary could not concur in that view. Mi... nisters had felt that those embarrassnients constituted the sub- ject on which the attention of thecountry way almost exclusively fixed, and that particular allugion to it would he'expeeted in the speech from the Throne. They had tlierefure adopted the straight forward and manly course of ming to it that prominence tOtehich Its own intrinsic importance anti the general expectation of the country equally entitled it. If indeed the weight which 1111. !Asters felt disposed to attach to this subject, were to be esti mated by the proportion of the Speech allotted to it---even judging by this measure Of proportion, this Important subject would not appear to have been underrated. It had been made the 144 topic of 'the Speech and the last.' One. Hon. Gentle- Man, not content with this, the leading object of immediate at tendon, had thought proper to lead the house into the Condit& ration el' almost all the subjects of debate which had occu pied the attention of .Parlianient during the w.ti. and during the present . peare• -Into so wide and diverhitied m c,ta, he must not spate it to ;my disrespect if, on the present occa,,ion,' he decicsi to hiM. Other and inure 'Suitable .occasions would, ar i s e for the discussion upon these various topics.—The lion. Gentleman imtd ehatact, rized one part of the' King's Speech as being contrary to truth, and another part as Mink: inconsistent with fact. What difference of meaning the Hon. Gentleman imagined to belting :to this choke Natiety, of expression it was not for hint to say. The Rector of an University . might be sup posed to' possess a critical discrimination with whielt lie could hot Pretend to be endowed.. /is he was petauaded, trout their having beenused by their HMI. Gentleman, that the expressions were'in ofrensiyc, he wrath! hide the liberty of •borrow borrowing them, for :the purpose or assertion, that when the Hon. tientleunan untied; no reduction loftaXeli to have taken place'sincc the termination of tite war, his statement was inconsistent with fact, and when he stated that less than none had taken place, it was contrary .to truth.— An Hon. and Learned Gentleman, in an early part of the even had alluded to treaty between this country and the Empire of Brasil, and with respect to the probability of that treaty being ratified had expressed a desire fdr information. The in formation the Right Hon. Secretary had theta endeavoured to convey by gesture, he would nary repeat. In every aentimetit Uttered by chat Ilone anti learned tientlemen he fully con curred with respect to 'the character of that Treaty. It had not been ratified ; would not he ratified. The ,Negociator who hail concluded it had no sufficient authority for thitt purpose; neeertheless, if the 'freity had been otherwise unobjectionable it would have been ratified. • It however was. not se, itn't the particular objection which the Hon. and Lorne& Gentleman had pointed out, Would have been in itself, its rejection, Mr. CAIiCRArr congratulated Wood! that hi h I I° far from being AUpporttl or a party of one of th e new schemes to which so Much of the present calamities of 3111liciert to ensure the country might be fairly ascribed, had tidily opposed thou. Ile vindicated the Country banker* generally from the imputation Of having in atty. considesable ttewee contributed to the production it t h e present distress, and antinativtrted on the ineutisirten6y of as coeiee issue s o f p a per, etb it ti t the same time proposing as a re.. in crease etithgle: deplorable 11 e f rwt ) : world t wi e u x h - t c ii r t i e b d i y hit 'iti nre s , the manifest" tendeng Which wae to not deny the Merit of the Bank of England at the mod severe period of the crisis anningitt the bankers, was of opi. nion that its previous connect had been a principal cause of the calamities. fly lending me neY u pon stuck, mortgage,;, &c. it h a d supplied the Illean3 for carry ing on those oat speculations which were a disioace :41 th'e good sense of the country, and that over -trailing, tr ing. to the ztctl muchof which; h more than ' to the conduct or country "bankers, mall the distress of the present day was to be ei;cribetl. The CHANCELLOR of ate EXCHEQUER e%pliintst .-Rehm never stated the issue of email notes as one of ttle meilblire.atf 1 111 ,t : he ti ( 1 1 ` i 'L re L lil. rose merely to add his tribute of applautte to the Ilank, buth for its spirited and energetic interference at the moment of greatest alarm, and fertile eatternion it hat! 'pitta consented to make. As he had frequently thought it his duty to animadvert with some warmth upon the conduct of its Des rectors, he could not be silent upon the present occasion. Mr. ALEXANDER BARING considered it of the greatest importance that ample , time should be afforded before any changes were made affecting the isstfe3 of country banks; the currency of a great part of the cbuntry at this moment depend. , ed greatly upon those iseues i and if any violent shock were given it might be pr o d uct i ve of the most disastrous coneee quences. It would deter the more prudent and respectable part of them from affording that accommodation to the public . i which was at all times advantageous, but in the circumstances of the tiresent moment of the most imperious necessity. There were, he adinitted, circumstances of it dangerous nature eons nected with the issues of private banks vniielt distinguished them from those of the Bank of Englentl. The latter put out paper under the regulation of fixed and salutary principles, and with a view to the state of the ex c h ange; t h e f ormer h a d ra other (eject than to put it out. This circumstance alone created difficulties to the Bank and the Government, who were thereby deprived of , by any accommodation by which to eons, pute the amount of paper et any time actually in circulation— . The interest and the object of a Country Bank was necessarily to displace the noteteof the Bank of England, as well as gold in the district which surround it. To get rid of any rival cur, rency was its constant aim. For this purpose persons had been actually sent by their establishments to markets and fairs for the express purpose Of forcing their paper into circulation. The practice would necessarily be pursued without reference to the state of the exchanges, or to any other indication of recline. dancy, and must have operated principally to produce the miss. chiefs which had occurred. The spirit of speculation which these excessive issues contributed to foster, at length had been carried to such a height, that bedlam may be said to have broke • • : • loose at the Royal Exchange. This extraordinary 'state of things Was seen, that it seemed to be the greatest difficulty and the most anxious aim of every body to get rid of theit money. Credit was at an unnatural and dangerous elevation, and the revulsion was accordingly extreme. Every body, se tar front wanting to get rid of money, is now demanding it. Give me that thou owest," said the Honourable Gentleman, is now the universal language. Whatevermight be thought as to the previous measures adopted by the Bank, and the Hon. Gentleman had doubts as to the propriety or some of them, only one opinion can exist as to the energy and zeal and dm don manifested by that establishment when the crisis actually arrived. The great evil of the country was general distrust s and Parliament should be particularly anxious to avoid any steps calculated to increase it. The distrust was indeed exces sive, for although a great many bankers and miters had been compelled to suspend their payments, it was extremely probable that a large proportion of them would eventually pay. The fact now is that banks trill give credit to no man, and that truce Is deprived of its ordinate and legitimate facilities. In a country of extensive commerce, where all persons engaged in trade depended more or less upon credit, smelt effects as we had seen must necessarily be produced when we were driven from one extreme to the other, from the redundancy and extrava• ganee of credit to its entire . annihilation. The lion. Member thought that it' any resolution or declaration proceeded from Parliament, that die country hanks would• be speedily called • upon to withdraw their on e a nd t w o pou n d no te s f r om candid tion, without fixing the precise time; that if any thing in the proposed measure was left in a state' of uncertainty great mis chief' would arise. He trusted, therefore, the Right Hon. Gentleman opposite would take the earliest opportunity of laying before the House the full details of his plan. Bankers. of respectability would not 'clippie their theracters to in jury by delaying for a moment to draw in their paper, and limit still further the aceonunottation they were now afford. ing. It was exceedingly true that vine conduct of the Country Bankers might be such, with regard to their issues, as to ex.- pose the Batik of England itself to danger, without the latter having partaken in any degree in the blame. Of the amount • of Country Ilatik-notes, now in circulation, it was difficult to . form an accurate estimate; it might probably he about eighteen millions. It was, however, iinportant that accurate intorma tion should be obtained upon this subject. He did not see what objection could exist to a short bill, compelling Country - Bankers to make a return of the amount of their paper in oir. culxtion. This could not hurt their credit. It was not as if they were called upon to give an account of their assets . Th e Honourable Gentleman deprecated any thing like precipitate I den in applying the remedies which It might. be - thought, necessary to adopt, whilst the, fever of anxiety still agitate ed the public mind. A skilful surgeon will not apply the' screw to a disjointed limb, if it can be avoided, whilst fever I rages=-to supply the place of 18 millions of riper, gold to thei amount would be required—and, however right the object in viewevee could not tie , to it. It had long been the opinion of, ' the Hon. Member that the Bank of England itself did not tisk, on so broad a base of capital, as the function it had to performs and the altered situation of the country required. It was not notv in proportion to the g reat private fortunes of individuals so powerful as it had once been. It was no longer the despot, surrounded by dependent slaves, but had around it powers which might almost venture, in circumstances favourable to such an abject, to attempt its overthrow. It was in vain for Ministers to take credit to themselves for their resolution never' again to sanction a suspension of cash payments by the Bank. In the same circumstances, any Chancellor must 'do the same as Mr. Pitt' littd done, come with a long fece to Parliament, and :sty the Bank has gone, but ,we must not therefore suffer the country to be without a cur-• .rency. The determination of 'Government to have the haste of our currency gold, when other nntitine had been content With silver, ngainst the policy of which the Hon. Gentleman lind freqUently protested hi that Hattie, greatly in. creased the dangers to be apprehended from our paper cur rency. There were capitalists in the money market of suffi cient power, if their interest should at any time prompt them to ineke theattempt, gteatly to obstruct and embarrass the Bank in procuring the necessary supplies of gold it' a war or any other public calamity should concur with their eftbrts. To remove this danger the Bank should be rendered more power• ful by an increase of its capital. In the present situation of that Corporation he should dread the effect of two years of war if attended with any considerable expenditure. 'A fresh suspension of Cash payments might be the probable reeult. lit again alluding to the subject of Joint Stock Bank., he could not refrain from expressing his hope that Country Gene tienien would be cautious how they embarked in them its sleeping partners. could with any prudence become sleeping pertners in any ti tiding concern, viz., those who possessed the thculty of eleeping with 'one eye open. It might remove much of the Objection, if the tee gulattons of those establishments were so framed, AR to admit Of a person embarking a limited portion of his pneperey in them, anti leaving him thee free from any further' responsibility. The Hon. Gent. in adverting to the condition of the silk manufacturers, considered it tight for Ministers to speak et once decidedly their determinetion on the queition of foreign' importation. It was at least fit that the poor 'creatures so deeply inter, Med in that qoestion should be kept in no stopence. ' For' his upon part he differed front the view ' genetillyeaken of the eubject. Ile did not believe that in that pwrticular article Eneratuni could compete with Ftence, but thought on the con teary, that the tenet-pieta now about to be Made, would'operete the entire destruction of the lititieb inatiufaCture. Ile knew that a political ectinemitit would say, '" Well, let it be e r ut--- the trade that requires Monopoly for its support is not worth presereing," The Honourable Gentleerian congratulated' al ie •- ulster* on the success of their polity with respect to the i Spanish and Portuguese Colonies. lilt had been less rapid in its metal 'than the feelings of the . country Would have desired, it, probably, therefore, attained it end more se curely. The Honourable Gentleman here paid the tribute of his highest admiration to the talent with which the Right honourable Secretary . for foreign Afliiirs performs the irapor. tam duties of his depitetment. The Might Honourable Gentle man opposite, the' Preekleut °tele Hoard of Trade, would probably have learned, 1.1 his ascent visleto Patio, that it was not from France, still less from any other 'bf' the Continental Powers, that England had to expect concutrense in the plena plea of Free Trade, of which he was so zetilims an advocate. if in any quarter, it must be said the HOrt. Oenflentan, amongst the infant States of SoUth America that that Concurrence is to be expected.. With reepect to the Mete , concluded under the mediation of England, between Portugal' and Drat% in the general view taken of that treaty he Could'hot coincide. It ap peared to him to be a treaty more'caleilated -to ensure the future union of those two States, than their erivientStit separa ? tiou. Unless some secret article existed` ' b *which the ti:m peror of Brazil was exclud e d f rom the' enceetsiion to the Throne of Portugal, (anti of any such article he ittieW nothing) , what he had described must be the . teidehr effect of the treaty. Mr. HUSKISSON had listened with great satisfaction to the excellent speech of the Hon. tlentlecrian. He felt In coin muon with the lloase, that the experience on all subjects con• nected with commerce, possessed by the Hon. Gentleman, en• titled his opinion to the greatest attention. At that hour, and en thnt occasion, he would not trouble the Honseat any length'. Ile would beg leave, however, to say, in emliver to those parte, of the Hun. Gentlemen's speech, in which' he repeatedly ano urgently called for the :pettily exposition of the 41000 of the Ilan of my t ight flute Friend, that dies ifeatioe etheetneen tier of the B .the flank Charter to e *knelt to which ' ilia Vi e rec e „ 4 " had agreed .to it had yet to he discuesed by eye Veieta s,„ rm.. pticioni ; teat the discuision could not 'til,te Placo P* l ' ) " to- morrow ; end that, therefore i i no aiennation of imecceastity delay could attach to Government. The Klein It a. ciitil 11 CM 'ltk was sure that no procrastination wou ld taae plats ' this Right ' lion. Friend had introduced that nleht o stutement which he w ei happy to find had met with the evieurrettee'of every Gene Lien ten itt the House. The intentinn Was out ii% MR 110A6Urabh, Vtiend stated, to withdrew, tena4fen!)! 1• " m, `Ci/ ,, datiOn a largo